India to extend $ 500 million credit to Sudan

NEW DELHI, JUne 8, 2005 (UNI) — India is likely to extend a $ 500 million credit to Sudan in view of emerging business opportunities for the domestic businessmen.

Addressing the senior members of The Associated Chambers of Commerce and Industry of India (ASSOCHAM), Sudan Foreign Minister Mustafa Osman Ismail said an indication to this effect emerged during his meeting with Prime Minister Manmohan Singh.

Ismail, who was on a two-day visit to India that concluded yesterday, said the Finance Minister of Sudan would shortly visit India to concretise this deal as the $ 50 million credit extended to Sudan by India had already been consumed.

The Foreign Minister of Sudan called upon Indian businessmen to liberally invest in Sudan in sectors such as roads, ports, sea ports, communication, oil and gas and financial services, which had been identified by the Sundanese government as priority areas for foreign investment.

He said any foreign country wanting to invest in Sudan could bring in their own managerial and other skilled labour to build infrastructure facilities as there were no bans on the movement of free labour from the country where the investment originated.

Sudan is building three seaports to ensure smooth movement of petroleum products, both processed and finished, as oil and gas reserves in the Sudan are increasingly becoming a large source for foreign exchange.

Ismail said Sudan would like to benefit from the Indian experience in vital areas such as IT, pharmaceuticals, agro-based and small-scale enterprises, infrastructure, food industries, leather, textile, animal resources, science and technology, human resource development and consultancies.